The global digital asset market is gearing up for several significant crypto unlocking events in June 2023, following attempts to end May on an upbeat note. Major projects like Blur (BLUR), 1inch Network (1INCH), Hedera (HBAR), and others are planning to increase their circulating token supply. With over $481 million in cumulative worth of significant tokens set to be unlocked, this could potentially trigger uncertainty in the market.
Despite this possibility, the crypto market cap managed to jump by 2.29% on Monday, reaching around $1.16 trillion. The non-fungible token (NFT) marketplace, Blur, will unlock 195.99 million of its native governance tokens on June 14, 2023, adding approximately 6.533% of its total supply (worth around $101.8 million) to the circulating amount. Currently, BLUR is trading at an average price of $0.51.
Similarly, 1inch Network is set to unlock 249.8 million of its tokens on June 2, 2023. They will unleash 16.654% of their total supply (approximately worth $99.3 million) to the circulation. This event leaves 553.75 million (worth around $220.21 million) unlocked.
BitDAO, the governance and resource management module of the BIT ecosystem, has planned its unlock event for June 15, 2023, releasing 187.5 million tokens (worth nearly $96.1 million) into circulation. The Hedera network follows suit with its token unlocking event scheduled for June 1, 2023. With 1.27 billion additional HBAR tokens (worth about $67.2 million), the network is set to expand their circulating supply. At the moment, HBAR’s price is trading at an average of $0.052, having dropped around 15% in the last 30 days.
While unlocking these tokens might generate some uncertainty, it’s important to remember that the market as a whole is performing well. It’s crucial for investors to conduct thorough market research before making any investment decisions involving cryptocurrencies. That being said, unlocking events can also show a sign of confidence in the projects and contribute to the market’s growth in the long term.
Ultimately, whether these unlocking events disrupt the crypto market’s current trajectory remains to be seen. Evaluating both the potential risks and rewards associated with these events is necessary, but the growing interest in the digital asset market should not be overlooked. As the world of cryptocurrencies expands, informed decision-making becomes increasingly vital for future investment success.
Source: Coingape
